MBS RECAP: Employment Report Delivers Knockout Punch (The Bad Kind For Rates)

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Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Yesterday, we noted that Jobless Claims and Mario Draghi's press conference delivered a one-two punch to the hopes of sustaining recently improved ranges in bond markets. Today then, was the haymaker, courtesy of a significantly stronger-than-expected Jobs report. After tonight's Fannie/Freddie 30yr Fixed Roll, Fannie 3.0s will be very close to 102-00! This was the outer limit of weakness suggested in this morning's preview. The corresponding outer limit of 2.10% in 10yr yields was similarly approached, but 10's managed to skid sideways near 2.05 in the afternoon. That particular level is a bit of a predicament, technically speaking, as it is very close to the defensive ceilings seen so far in 2013. The troublesome aspect is that the intraday price action...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/299330.aspx

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Mortgage Rates Close To Multi-Month Highs Ahead Of Important Jobs Data

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Posted To: Mortgage Rate Watch

Mortgage rates moved relentlessly higher for the fourth straight day on Thursday, bringing them close to the seven month highs last seen in mid-February. This comes as the result of some of the big-ticket market moving events markets have been waiting for this week, particularly the European Central Bank President's press conference as well as stronger than expected Jobless Claims data. Best-Execution for 30yr Fixed, Conventional loans is once again edging up to levels where 3.75% becomes a consideration though 3.625% remains more prevalent. ( What is A Best-Execution Mortgage Rate? ) When this morning's Jobless Claims numbers showed fewer Americans filed for first-time unemployment benefits than expected, interest rates in the secondary market moved higher, along with equities. The basic philosophy...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/299123.aspx

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Unintended Consequences of Judicial vs Non-Judicial Foreclosure

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Posted To: MND NewsWire

The Lender Processing Services (LPS) Mortgage Monitor for January which was released on Thursday takes a detailed look at what it calls the "Time to Clear" default backlog and what might be termed the unintended consequences of legislative or judicial action in a few states. The report shows the now well-known divergence in the foreclosure pipelines of states that use judicial and non-judicial foreclosure processes but, as its Senior Vice President Herb Blecher says, even this now-familiar judicial/non-judicial dichotomy is not as clearly defined as it once was. While the overall trend of foreclosure activity has heading downward for months, January had one of the frequent upward blips. There were a total of 148,000 foreclosure starts in January, an increase of 8.3 percent from December, and...(read more)

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Source: http://www.mortgagenewsdaily.com/03072013_lps_mortgage_monitro.asp

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Mortgage Rates Hit Highest Levels Since Last Monday

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Posted To: Mortgage Rate Watch

Mortgage rates continued higher for the third straight day on Wednesday, bringing them back above levels last seen on Monday, February 25th. Today's move was slightly more brisk than the previous two sessions, as US bond markets were under pressure from both the overnight trading in Europe as well as stronger employment data this morning. Best Execution rates for 30yr Fixed, Conventional loans continues to be 3.625% and today's weakness makes that more uniformly true (as some lenders were approaching viability at 3.5%). That said, 3.5%-3.25% are available, but borrowing costs for those rates have increased more than for 3.625 and 3.75%. ( What is A Best-Execution Mortgage Rate? ) With rates at their best levels in over a month last Friday, and considering the longer term pattern of weakness...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/298938.aspx

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Credit Unions Have Good Year; Refresher on Types of Loans Under Qualified Mortgage Concept

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Posted To: Pipeline Press

Ever wonder where your tax money goes? A tiny slice goes to the Census Bureau so it can tell us about ourselves. The latest release focuses on housing, a good resource for anyone putting together a presentation : " American Housing Survey for Selected Metropolitan Areas: 2011 Detailed Tables" has dozens of detailed tables on the characteristics of housing in 29 selected metro areas are now available in Excel files and the Census Bureau's American FactFinder data access tool. A wide range of topics is covered , including plumbing and source of water and sewage disposal, housing problems, householder's satisfaction with home and neighborhood, value, purchase price and source of down payment, recent home improvement activity and costs, safety features and potential health hazards, features in...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/03062013-housing-research-trivia-ncua.aspx

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Sticking to the Plan with FHFA Strategies and Securitization Platform; Unbridled Financial Institution Mergers and Acquisitions; REIT Chatter

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Posted To: Pipeline Press

"Rob, my partners and I made a little money up here in North Dakota in the oil biz, and we're thinking about getting back into mortgage banking. Do you know of any companies for sale?" I receive one or two of these a week now - without the North Dakota angle. I guess folks are "getting bulled up" on the mortgage biz, especially with the big bank's residential market share declining, and in spite of forecasts of lower volumes, tighter margins, lots of inflated seller opinions, and a regulatory environment that would surprise any mortgage banker who has been out of the business for any length of time. Buying a mortgage bank is much easier than starting one. Good luck finding any de novo depository banks that have been started in the last 3 years - here's an update on the current banking environment...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/03052013-irish-joke-fhfa-securities.aspx

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Mortgage Rates Continue Higher As Market Activity Increases

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Posted To: Mortgage Rate Watch

Mortgage rates moved slightly higher again on Tuesday, continuing a gentle drift higher from the lowest levels in several weeks on Friday. While yesterday's rates were arguably in line with most of last week's offerings, today's weren't quite comparable. That said, they certainly haven't risen back to the previous week's levels or even to last Monday's levels for some lenders. 3.625% continues to be the most common Best-execution rate for 30yr Fixed, Conventional loans with today's deterioration seen in the form of slightly higher borrowing costs. Buy-downs to lower rates continue to be available and can viable options for some scenarios. ( What is A Best-Execution Mortgage Rate? ) Markets were exceptionally slow yesterday, and the general level of activity and volatility increased today as...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/298702.aspx

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